75. Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership’s capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison’s retirement.  The journal entry to record Edison’s June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:
A. Debit Edison, Capital $40,000; credit Cash $40,000.
B. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Cash $40,000.
C. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Edison, Capital $40,000.
D. Debit Edison, Capital $40,000; credit Wright, Capital $20,000; credit Bell, Capital $20,000.
E. Debit Cash $40,000; credit Edison, Capital $40,000.

76. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $67,000. Hewlett and Martin have agreed to share equally in income or loss. The existing partners agree to accept Black with a 20% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Hewlett and Martin equals: 
A. $900 each.
B. $1,500 each.
C. $600 each.
D. 600 to Hewlett; $900 to Martin.
E. $0, because Hewlett and Martin actually grant a bonus to Black.

77. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $61,000. Hewlett and Martin have agreed to share equally in income or loss. Hewlett and Martin agree to accept Black with a 25% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Black equals: 
A. $5,000.
B. $2,500.
C. $6,667.
D. $3,333.
E. $0, because Black must actually grant a bonus to Hewlett and Martin.

78. Masters, Hardy, and Rowenare dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000;Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowenpays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.
B. Debit Masters, Capital $14,000; debit Hardy, Capital $14,000; credit Cash $28,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Rowen, Capital $2,000; credit Cash $28,000.
D. Debit Cash $28,000; debit Rowen, Capital $2,000; credit Masters, Capital $15,000; credit Hardy, Capital $15,000.
E. Debit Masters, Capital $9,334; debit Hardy, Capital $9,333; debit Rowen, Capital $9,333; credit Cash $28,000.

79. Masters, Hardy, and Rowen are dissolving their partnership.  Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $30,000.  After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $54,000 in cash to be distributed. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $18,000; debit Hardy, Capital $18,000; debit Rowen, Capital $18,000; credit Cash $54,000.
B. Debit Masters, Capital $13,500; debit Hardy, Capital $13,500; debit Rowen, Capital $27,000; credit Cash $54,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Gain from Liquidation $6,000; credit Cash $54,000.
D. Debit Cash $54,000; credit Rowen, Capital $13,500; credit Masters, Capital $13,500; credit Hardy, Capital $27,000.
E. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Retained Earnings $6000; credit Cash $54,000.

80. When a partnership is liquidated: 
A. Noncash assets are distributed to partners.
B. Any gain or loss on liquidation is allocated to the partner with the highest capital account balance.
C. Liabilities are paid or settled.
D. Any remaining cash is distributed to the partners equally.
E. The business may continue to operate.

81. A capital deficiency means that: 
A. The partnership has a loss.
B. The partnership has more liabilities than assets.
C. At least one partner has a debit balance in his/her capital account.
D. At least one partner has a credit balance in his/her capital account.
E. The partnership has been sold at a loss.

82. When a partner is unable to pay a capital deficiency: 
A. The partner must take out a loan to cover the deficient balance.
B. The deficiency is absorbed by the remaining partners before distribution of cash.
C. The partnership ends before distribution of cash.
D. The deficient partner is relieved of the liability.
E. The remaining partners must wait for the deficiency to be paid before cash is distributed.

83. Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period’s ending capital account balances are Henry, $45,000; Luther, $37,000; and Gage, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gageis unable to pay the deficiency. The journal entry to record the distribution should be: 
A. Debit Henry, Capital $25,667; debit Luther, Capital $25,667; debit Gage, Capital $25,666; credit Cash $77,000.
B. Debit Henry, Capital $42,500; debit Luther, Capital $34,500; credit Cash $77,000.
C. Debit Henry, Capital $45,000; debit Luther, Capital $37,000; credit Gage, Capital $5,000; credit Cash $77,000.
D. Debit Cash $77,000, debit Gage, Capital $5,000, credit Henry, Capital $45,000, credit Luther, Capital $37,000.
E. Debit Cash $77,000; credit Henry, Capital $25,667; credit Luther, Capital $25,667; credit Gage, Capital $25,666.

75. Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership’s capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison’s retirement.  The journal entry to record Edison’s June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:
A. Debit Edison, Capital $40,000; credit Cash $40,000.
B. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Cash $40,000.
C. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Edison, Capital $40,000.
D. Debit Edison, Capital $40,000; credit Wright, Capital $20,000; credit Bell, Capital $20,000.
E. Debit Cash $40,000; credit Edison, Capital $40,000.

76. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $67,000. Hewlett and Martin have agreed to share equally in income or loss. The existing partners agree to accept Black with a 20% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Hewlett and Martin equals: 
A. $900 each.
B. $1,500 each.
C. $600 each.
D. 600 to Hewlett; $900 to Martin.
E. $0, because Hewlett and Martin actually grant a bonus to Black.

77. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $61,000. Hewlett and Martin have agreed to share equally in income or loss. Hewlett and Martin agree to accept Black with a 25% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Black equals: 
A. $5,000.
B. $2,500.
C. $6,667.
D. $3,333.
E. $0, because Black must actually grant a bonus to Hewlett and Martin.

78. Masters, Hardy, and Rowenare dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000;Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowenpays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.
B. Debit Masters, Capital $14,000; debit Hardy, Capital $14,000; credit Cash $28,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Rowen, Capital $2,000; credit Cash $28,000.
D. Debit Cash $28,000; debit Rowen, Capital $2,000; credit Masters, Capital $15,000; credit Hardy, Capital $15,000.
E. Debit Masters, Capital $9,334; debit Hardy, Capital $9,333; debit Rowen, Capital $9,333; credit Cash $28,000.

79. Masters, Hardy, and Rowen are dissolving their partnership.  Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $30,000.  After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $54,000 in cash to be distributed. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $18,000; debit Hardy, Capital $18,000; debit Rowen, Capital $18,000; credit Cash $54,000.
B. Debit Masters, Capital $13,500; debit Hardy, Capital $13,500; debit Rowen, Capital $27,000; credit Cash $54,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Gain from Liquidation $6,000; credit Cash $54,000.
D. Debit Cash $54,000; credit Rowen, Capital $13,500; credit Masters, Capital $13,500; credit Hardy, Capital $27,000.
E. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Retained Earnings $6000; credit Cash $54,000.

80. When a partnership is liquidated: 
A. Noncash assets are distributed to partners.
B. Any gain or loss on liquidation is allocated to the partner with the highest capital account balance.
C. Liabilities are paid or settled.
D. Any remaining cash is distributed to the partners equally.
E. The business may continue to operate.

81. A capital deficiency means that: 
A. The partnership has a loss.
B. The partnership has more liabilities than assets.
C. At least one partner has a debit balance in his/her capital account.
D. At least one partner has a credit balance in his/her capital account.
E. The partnership has been sold at a loss.

82. When a partner is unable to pay a capital deficiency: 
A. The partner must take out a loan to cover the deficient balance.
B. The deficiency is absorbed by the remaining partners before distribution of cash.
C. The partnership ends before distribution of cash.
D. The deficient partner is relieved of the liability.
E. The remaining partners must wait for the deficiency to be paid before cash is distributed.

83. Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period’s ending capital account balances are Henry, $45,000; Luther, $37,000; and Gage, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gageis unable to pay the deficiency. The journal entry to record the distribution should be: 
A. Debit Henry, Capital $25,667; debit Luther, Capital $25,667; debit Gage, Capital $25,666; credit Cash $77,000.
B. Debit Henry, Capital $42,500; debit Luther, Capital $34,500; credit Cash $77,000.
C. Debit Henry, Capital $45,000; debit Luther, Capital $37,000; credit Gage, Capital $5,000; credit Cash $77,000.
D. Debit Cash $77,000, debit Gage, Capital $5,000, credit Henry, Capital $45,000, credit Luther, Capital $37,000.
E. Debit Cash $77,000; credit Henry, Capital $25,667; credit Luther, Capital $25,667; credit Gage, Capital $25,666.

75. Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership’s capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison’s retirement.  The journal entry to record Edison’s June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:
A. Debit Edison, Capital $40,000; credit Cash $40,000.
B. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Cash $40,000.
C. Debit Wright, Capital $20,000; Debit Bell, Capital $20,000; credit Edison, Capital $40,000.
D. Debit Edison, Capital $40,000; credit Wright, Capital $20,000; credit Bell, Capital $20,000.
E. Debit Cash $40,000; credit Edison, Capital $40,000.

76. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $67,000. Hewlett and Martin have agreed to share equally in income or loss. The existing partners agree to accept Black with a 20% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Hewlett and Martin equals: 
A. $900 each.
B. $1,500 each.
C. $600 each.
D. 600 to Hewlett; $900 to Martin.
E. $0, because Hewlett and Martin actually grant a bonus to Black.

77. Hewlett and Martin are partners. Hewlett’s capital balance in the partnership is $64,000, and Martin’s capital balance $61,000. Hewlett and Martin have agreed to share equally in income or loss. Hewlett and Martin agree to accept Black with a 25% interest. Black will invest $35,000 in the partnership. The bonus that is granted to Black equals: 
A. $5,000.
B. $2,500.
C. $6,667.
D. $3,333.
E. $0, because Black must actually grant a bonus to Hewlett and Martin.

78. Masters, Hardy, and Rowenare dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000;Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowenpays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.
B. Debit Masters, Capital $14,000; debit Hardy, Capital $14,000; credit Cash $28,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Rowen, Capital $2,000; credit Cash $28,000.
D. Debit Cash $28,000; debit Rowen, Capital $2,000; credit Masters, Capital $15,000; credit Hardy, Capital $15,000.
E. Debit Masters, Capital $9,334; debit Hardy, Capital $9,333; debit Rowen, Capital $9,333; credit Cash $28,000.

79. Masters, Hardy, and Rowen are dissolving their partnership.  Their partnership agreement allocates income and losses equally among the partners. The current period’s ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $30,000.  After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $54,000 in cash to be distributed. The general journal entry to record the final distribution would be: 
A. Debit Masters, Capital $18,000; debit Hardy, Capital $18,000; debit Rowen, Capital $18,000; credit Cash $54,000.
B. Debit Masters, Capital $13,500; debit Hardy, Capital $13,500; debit Rowen, Capital $27,000; credit Cash $54,000.
C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Gain from Liquidation $6,000; credit Cash $54,000.
D. Debit Cash $54,000; credit Rowen, Capital $13,500; credit Masters, Capital $13,500; credit Hardy, Capital $27,000.
E. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; debit Rowen, Capital $30,000; credit Retained Earnings $6000; credit Cash $54,000.

80. When a partnership is liquidated: 
A. Noncash assets are distributed to partners.
B. Any gain or loss on liquidation is allocated to the partner with the highest capital account balance.
C. Liabilities are paid or settled.
D. Any remaining cash is distributed to the partners equally.
E. The business may continue to operate.

81. A capital deficiency means that: 
A. The partnership has a loss.
B. The partnership has more liabilities than assets.
C. At least one partner has a debit balance in his/her capital account.
D. At least one partner has a credit balance in his/her capital account.
E. The partnership has been sold at a loss.

82. When a partner is unable to pay a capital deficiency: 
A. The partner must take out a loan to cover the deficient balance.
B. The deficiency is absorbed by the remaining partners before distribution of cash.
C. The partnership ends before distribution of cash.
D. The deficient partner is relieved of the liability.
E. The remaining partners must wait for the deficiency to be paid before cash is distributed.

83. Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period’s ending capital account balances are Henry, $45,000; Luther, $37,000; and Gage, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gageis unable to pay the deficiency. The journal entry to record the distribution should be: 
A. Debit Henry, Capital $25,667; debit Luther, Capital $25,667; debit Gage, Capital $25,666; credit Cash $77,000.
B. Debit Henry, Capital $42,500; debit Luther, Capital $34,500; credit Cash $77,000.
C. Debit Henry, Capital $45,000; debit Luther, Capital $37,000; credit Gage, Capital $5,000; credit Cash $77,000.
D. Debit Cash $77,000, debit Gage, Capital $5,000, credit Henry, Capital $45,000, credit Luther, Capital $37,000.
E. Debit Cash $77,000; credit Henry, Capital $25,667; credit Luther, Capital $25,667; credit Gage, Capital $25,666.

They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.

Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.

The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.

My third using this writer and absolutely amazing work! Very punctual and very understanding.

Outstanding job in writing my paper. I am always thrill to receive a well written paper that follows the instructions and the thorough details put into my paper. The quality of this paper is beyond awesome. Thank you so much.

I absolutely love this writer! He/she always cranks out a fabulous paper and follows the assignment guidelines/instructions perfectly. Thanks again for always providing such quality work!!!

It took some time to achieve the product I was looking for, but we eventually got there. I do feel like a lot of hard work was put into this, and it even exceeded the page requirement. I'm pretty pleased overall. I give my thanks.

Outstanding work! This writer followed every instruction and my paper came back with an A! I recommend to anyone needing help! Thank you again ❤️

Outstanding job in writing my paper. I am always thrill to receive a well written paper that follows the instructions and the thorough details put into my paper. The quality of this paper is beyond awesome. Thank you so much.

Made 100% on both the outline and the paper. Quick turnaround time and my writer responded within 30 min or less. Any edits my instructor needed, my writer was patient and worked diligently to accomplish the task. Would recommend my writer to anyone!

You are making my life so much easier! I am a single mom that works and goes to school. You guys are helping me with my projects so I can have more free time with my son.

I was sure it can fit in a single page but the next time I will add one more page because I am impressed with your professionalism and quality. Will use many more times till I graduate.

Simple registration and quality services. I just ordered one paper, and it was good enough to pass the exam. That is what I need the most. Good job.

I couldn’t finish my freaking essay, and I was very desperate. A friend of mine sent me a link, and that is how I found out about you guys. Thank you for professional tips and editing. Now, I understand how to write it properly.

I’m so grateful to you since you managed to complete my term paper in one day! You are definitely the best company ever!

I am sure on your ability to provide any type of paper I will order. I wish I could develop that skill your writers have to be able to have a flow of ideas and excellent sequencing of thoughts in writing.

I ordered a thesis paper and was satisfied. All the guys were polite and highly professional, even when I wrote to them several times per day. Thanks for your passion!

I turned to the service twice, and my papers always were beyond the expectations. To tell the truth, I was ready to find some grammar errors or something like that. However, everything was neat and tidy.

My friend recommended Doctor My Essay to me. It is convenient! Now we both turn to the service periodically coz wanna save some time and use it more effectively. I know that while I’m developing my startup, an expert is working on paper. Time management in work!

I write all paper works by myself but have some problems with literacy. Actually, I have enormous problems because English is not my native language. However, with proofreading from Doctor My Essay, I can relax and don’t be ashamed of mistakes.

Your ability to write concisely is a finding. The paper has a solid argument. It’s clear that the writer understood central claim about the topic. He also presented original ideas to consider.

That paper got the highest grade in my class and the professor thinks I’m the smartest student. Lol.

I was convinced that paper writing services are the fiction for naive students. But when it came to my research paper that was to be composed in 72 hours, I had no other options. I made the right choice when I ordered it from you!

I was also satisfied with the service. Usually, I write everything by myself, but this time ( I have no idea how it happens!) I missed the deadline. My writer was very responsible, wrote the essay quickly, and kept the instructions. Nice to know that such experts exist!

It is really affordable! The prices start from 9$, which is an excellent proposal on the market. Recently I worked with another service that took much more money and provided lower quality papers.

I am absolutely satisfied. I am first timer here. Revision was made quickly, and the author met my expectations. Thanks a lot. Paper is phenomenal.

Having heard a lot of negative reviews about such services, I was a bit skeptical. However, our cooperation with Doctor My Essay was without pitfalls. I made two comments about the final work, and they re-wrote some parts very promptly. I am satisfied and will turn to them in the future.

It was my first experience in online ordering, and I was a bit nervous. However, this was for nothing. I’ve got a high mark!

I understand that buying essays is a doubtful thing. You don’t put effort, don’t represent your ideas… However, I don’t perceive Doctor My Essay as a standard service. They don’t sell papers. They share high expertise!

According to my previous experience, this service is really the best. They support the client and have competitive writers. I give them a perfect score!

Nice service! It is cool that you can use the calculator on the main page and understand the price policy. For me, it is a huge plus!

Thanks to God I found this service! If I didn’t send my research to the teacher on time, he would eat me. I tell you! However, with doctor my essay service, I met the deadline, and I am still alive.

Your service is excellent! Convenient and not expensive. Thanks for that!

If you have problems with time management, just like me, you need to cooperate with Doctor My Essay. Once you registered and made the order, you understand how easier it makes your life! Everything is online: ordering, communication… You can control the process everywhere and be sure that an expert will provide a high-level paper.